📊 Novartis Financial Analysis (2019-2023); Benchmarking with AstraZeneca & Roche

📌 Overview

This repository presents a detailed financial analysis of Novartis over a five-year period (2019-2023), benchmarking its performance against AstraZeneca and Roche. This project was conducted for the Accounting, Finance & Control Course at Politecnico di Milano during the first semester of the 2024/2025 academic year (A.Y.).

🔍 Key Areas of Analysis

• Context Analysis: Industry trends, market size, and competitive positioning.
• Segmental Analysis: Regional performance, therapeutic areas, and revenue breakdown.
• Financial Analysis: Profitability, return on equity, EBITDA margins, and debt structure.
• Value Creation: Sustainability efforts, R&D strategy, and business model transformation.

📁 Contents

• 📄 Report: Full financial analysis of Novartis, AstraZeneca, and Roche.
• 📊 Data & Visualizations: Graphs and financial models used in the study.
• 📑 Supporting Annexes: Detailed segmental and benchmarking data.

📖 Key Findings

✅ Novartis has demonstrated consistent revenue growth but faced short-term profitability fluctuations due to strategic restructuring.
✅ The company’s shift towards innovative medicines (vs. generics) has improved long-term financial sustainability.
✅ R&D investments have increased steadily, aligning with a focus on high-margin therapeutic areas.
✅ AstraZeneca exhibited higher revenue growth, while Roche maintained higher profitability margins due to its strong diagnostics division.

📌 Project Details

• Course: Accounting, Finance & Control
• Institution: Politecnico di Milano
• Academic Year: 2024/2025 (First Semester)
• Authors: Schuyler Rideout, Rodrigo Neves Carvalho Bastos, Beatriz Rocha Freitas Brandão, Mahan Pourhosseini, Emil Øhlenschlæger, Gonçalo Nuno Noronha da Câmara de Santa Clara Gomes

🔗 References

• Novartis Annual Reports: novartis.com
• AstraZeneca Financials: astrazeneca.com
• Roche Financials: roche.com